On an earnings call last month, United Wholesale Mortgage announced its intention to accept cryptocurrency as payment for home loans. With sights set on a Q3 release, homeowners around the country could begin making mortgage payments with crypto this month.
You can already purchase real estate with Bitcoin, but UWM stands to be the first lender to accept crypto payments for existing mortgages in the states. The company plans to start by accepting BTC but may expand the program to include other cryptocurrencies, noting ETH as a possibility.
UWM collects almost a million mortgage payments every month, making it the second-largest mortgage lender in the United States. As a leader in the industry, the company’s decision to accept crypto payments could very well lead to other lenders following suit.
In fact, UWM is following in the footsteps of Matrix Mortgage Global, a Canadian lender that started accepting Bitcoin and other cryptocurrencies for mortgage payments earlier this year. By doing so, MMG hopes to reduce fees, make transactions more transparent, and expand into international markets where credit card payments aren’t feasible.
Both companies pride themselves on leading technological innovation within the industry. So only time will tell whether or not more traditional financial institutions will adopt similar programs.